IMPACT Pitch 2019 Mission Statement The mission of Impact Pitch is to provide a showcase event and business competition for small, regional businesses that are making a positive IMPACT on their community. This mission of Business Impact NW is to grow businesses that create jobs in underserved communities. With up to $30,000 of prize money available, two finalists will be eligible to win up to $10,000 each. The two main categories that business will compete in are (1) Startup and Early Stage and (2) Established Business. Special awards will also be given to highlight business who are exceptionally aligned with Business Impact NW’s mission, which will include categories such as veteran-owned, women-owned, communities of color owned, immigrant and refugee owned, and LGBTQ owned businesses. The competition will have four phases: 1. Round One: Initial application; 2. Round Two: Provide reasonable and feasible projected financials; 3. Round Three: Successfully use technology to tell a story; 4. Round Four: Practice the art of pitching the business. The work and analysis that each phase requires is designed to provide value to the business owner beyond the potential for prize money. The competition offers small businesses a host of practical insights to help business owners become more innovative and effective.
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IMPACT Pitch 2019 - Business Impact NW...Pitch Draft: Pitch draft with coaches on September 5, 2019 Pitch Practice: The highly encouraged optional pitch practice will be scheduled
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Transcript
IMPACT Pitch 2019
Mission Statement The mission of Impact Pitch is to provide a showcase event and business competition for small, regional businesses
that are making a positive IMPACT on their community.
This mission of Business Impact NW is to grow businesses that create jobs in underserved communities.
With up to $30,000 of prize money available, two finalists will be eligible to win up to $10,000 each. The two main
categories that business will compete in are (1) Startup and Early Stage and (2) Established Business. Special awards
will also be given to highlight business who are exceptionally aligned with Business Impact NW’s mission, which will
include categories such as veteran-owned, women-owned, communities of color owned, immigrant and refugee owned,
and LGBTQ owned businesses.
The competition will have four phases:
1. Round One: Initial application;
2. Round Two: Provide reasonable and feasible projected financials;
3. Round Three: Successfully use technology to tell a story;
4. Round Four: Practice the art of pitching the business.
The work and analysis that each phase requires is designed to provide value to the business owner beyond the
potential for prize money. The competition offers small businesses a host of practical insights to help business owners
become more innovative and effective.
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Table of Contents Table of Contents .................................................................................................................................................................... 1
Important Dates and Commitments ........................................................................................................................................ 3
Application Submission Due ........................................................................................................................................... 4
How to Enter .................................................................................................................................................................... 4
Round Two Submission Due ........................................................................................................................................... 5
How to Complete Round Two ......................................................................................................................................... 5
Round Three: IMPACT Video Submission .............................................................................................................................. 6
Round Three Submission Due ........................................................................................................................................ 6
Orientation to Round Three Webinar .............................................................................................................................. 6
Advancing to Final Round LIVE Pitch Competition ......................................................................................................... 6
Winning a Business Impact NW Mission Award ............................................................................................................. 6
Other Rules and Regulations ................................................................................................................................................ 10
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Eligibility Competition is open to:
● Legally registered and existing Washington, Oregon, Idaho, or Alaska based businesses. Business owners must
be residents of Washington, Oregon, Idaho, or Alaska and must be 18 years of age or older.
● Startup/early stage businesses. For the purposes of this competition, these businesses are defined as any
business with less than $75,000 in gross sales last year and/or less than two years in business.
● Established businesses. For the purposes of this competition, these businesses are defined as any business with
more than $75,000 gross sales last year and/or in business for more than two years but still falling within the
Small Business Administration’s (SBA) definition of a small business enterprise. Businesses who can qualify as a
startup/early stage AND established business will be allowed to compete in the category of their choosing as of
application submission.
Entities that are tax-exempt organizations, nonprofits, or charitable trusts are not eligible to participate.
Employees, officers, and directors of Business Impact NW, competition judges, other parties determined not to be
independent of Business Impact NW, and members of their immediate families and households are not eligible to
participate. Business Impact NW reserves the right at its sole discretion to disqualify any applicant for any reason.
Prior winners of the Business Impact NW IMPACT Pitch who won a prize award of $10,000 or more are not eligible to
apply.
Contestants must have access to email and internet to complete competition requirements. All contestants who advance
to the final LIVE Event will be required to compete in person in Seattle on September 19, 2019.
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Important Dates and Commitments ROUND ONE (Submission):
Plan for 1-3 hours to complete this relatively easy and straightforward part of the application. Please plan for the following dates:
Application Submission Due June 19, 2019 by 5:00 p.m. PST
Orientation Webinar will be available on May 31, 2019. Go to the Contest Page to register/view.
Contestants moving into round two as contestants will be announced on June 28, 2019
ROUND TWO (Proving Feasibility):
Round Two is more in-depth and will require a substantial time commitment from contestants. Please plan for up to 15 hours to
complete well researched and vetted financial statements. We understand this can be an overwhelming and daunting task and
this is why you will be assigned (and required) to meet with a business coach at least once during Round Two. Our goal is that
all participants walk away with a valuable resource for starting and managing their business regardless of advancing to the
following rounds. Please plan for the following dates:
Submissions are due by 5:00 p.m. PST on July 22, 2019
A Round Two Webinar will be available to participants on July 2, 2019.
July 10-12th Business coach appointments will be assigned to all contestants who advance to round two during
regular business hours July 10-12th.
Ten startup/early stage and ten established semi-finalist businesses will be announced on August 2, 2019.
ROUND THREE (Video Round):
We anticipate contestants will spend 10 hours planning and executing their videos. We do not expect or require professional
videos. We hope businesses take the opportunity to learn about the different resources and skills to create simple and effective
videos they can use on social media platforms. Please plan for the following dates:
Submissions are due by 5:00 p.m. PST on August 16, 2019
A Round Three Webinar will be available to participants on August 5, 2019.
Video submission will be posted online for a nine (9) day public voting period from August 19th to August 28, 2019
Mission Award Winners will be notified by August 30, 2019 privately and invited to attend the IMPACT Pitch event
where the award will be presented publically.
Four startup/early stage and four established semi-finalist businesses will be announced on August 30, 2019 to
advance to round four.
ROUND FOUR (LIVE EVENT):
We anticipate that contestants will spend at least 10 hours preparing and revising their pitches. Multiple resources will be
available to help contestants including business coaches, webinars, pitch practices, and a dress rehearsal.
Application Narrative – Value Proposition (200 words)
Unique and clearly stated value proposition. Did not use more than 200 words.
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Value proposition illustrates a unique business but not clearly stated.
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Value proposition needs work but demonstrates a good start. May have used more than 200 words.
Application Narrative – Business Model & Strategy (word- limited responses)
Business model logic is easy to follow from responses and the model has a reasonably high likelihood of being executed as presented. Stayed within word limits for each question.
All key aspects of the business model are explained and relate to the business value proposition. Some questions regarding the execution of the plan exist.
Business model is understandable but aspects of the business model do not relate or support the unique value proposition of the business.
Questions were answered completely, but business model lacks cohesiveness.
Incomplete responses submitted. May have exceeded word limit on some questions.
Application Narrative - Community Impact (500 words)
Concise statement portraying the social, environmental, or economic impact this business has/or will have on the local community. Is no more than 500 words.
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Social, environmental, or economic impacts of this business are identified but not strongly associated with the business.
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The statement on impact has no connection to social, environmental, or economic impact this business has/or will have on the local community. Statement is unclear.
Round Two: Proving Feasibility (Market Research, Assumptions, and Financials)
Round Two Submission Due
5:00 p.m. PST on July 22, 2019, to https://www.businessimpactnw.org/Pitch/Contest
Contestants who progress to round two will have the opportunity to present additional market research, business
feasibility, and financial information to prove their business model.
How to Complete Round Two
After notification that they have advanced to round two, contestants will be required to produce and submit the following:
1. Three year projected financial statements submitted using the standardized Impact Pitch Financial Projections
Workbook that will be provided to contestants in EXCEL. Provided template will include a sales forecast, a profit
and loss statement, and a cash flow statement. Financial statements will include a month-by-month projection for
year one and summarized projections for year two and three. Projected financials statements must be
accompanied by reasonable and documented assumptions.
2. A one to two page summary of market research, including data relevant to target market and competitors; and
3. A 1,500 words (or less) narrative explaining how and why the business or idea is feasible and sustainable.
Business coach appointments will be assigned to all contestants who advance to round two during regular business hours
July 10-12th. Coaches are available to help answer questions and provide guidance, but contestants are responsible for
producing all work products that are submitted for judging. Participants are required to meet once virtually with a business
coach and are then encouraged to meet with their business coach as needed throughout the pitch process.
Ten startup/early stage and ten established semi-finalist businesses will be announced on August 2nd. Contest organizers
reserve the right to adjust the split of established and startup businesses based on quality and quantity of submissions.
Judging Criteria for Round Two:
Excellent Fair/Meets Expectation Poor
Projected Financials Financials tell the story of the business model clearly, are reasonable (not overly conservative or overly optimistic) have no formula errors, and includes all elements laid out in the Impact Pitch Financial Projections Workbook.
Financials tie together accurately but are not easy to follow. Some detail is present but important parts of the business model are not represented.
Financials are missing key aspects that explain the business model, may not flow together properly, may have missing sections, or may not have used Impact Pitch Financial Projections Workbook in submission.
Reasonable and Documented Assumptions throughout projected financials
Market research used to create projected financials are well thought out, have reasonable and cited up assumptions.
Market research was not completed. Financials based on wild guesses, unsupported theories, or anecdotes.
Market & Competitors Research Summary
Customer Segments are specific and clearly identified. Market size is identified and the sources are cited. Trends in industry are addressed and cited. Competitor matrix identifies relevant competition and their relevant attributes.
Customer Segments, market size, trends, and competitors are identified. Some sources are cited.
Overall analysis is hypothetical and is not cited or researched.
Overall Business Feasibility Summary
Concisely summarize and logically support the feasibility of the business model.
Narrative is not logical and does not support the feasibility of the business model.
Did you meet with a Business Coach during Round Two